What is the term length for directors as per the Revised Corporation Code?

The term length for directors under the Revised Corporation Code is one year, with the possibility of re-election. This provision is designed to ensure that shareholders have the opportunity to evaluate the performance of directors annually and make decisions about their continued service on the board. By allowing for re-election, the code promotes accountability and enables shareholders to reflect on the directors' effectiveness and alignment with the corporation's goals.

Additionally, this structure encourages directors to stay responsive to shareholders’ needs and concerns, as they know their tenure is subject to annual review. This contrasts with other options that either extend the term duration too long or suggest a structure that does not allow for regular reevaluation of the board’s leadership, which could lead to a disconnect between the directors and shareholders.